Good day! Humble Farmer meant to be updated every 2-3 days, but LYRA made a big update and want to make sure you guys taking advantage of it.
Details in the tweet above, but allow me to give you a round down:
- Market-Maker Vault incentives started
On top of the sUSD fees generated by the market-maker vault itself, LPs in the vault will receive 37,500 OP tokens per 2-week epoch.
Current TVL: $4.68M with ~$8M entering the vault(there is a delay period after users execute deposit)
Current APR: 20% APR(will decrease with more TVL) in OP tokens, 31% APR(based on past performance, will fluctuate) real yield in sUSD
You can deposit sUSD into the vault right now, after the deposit cool down period, you will start earning total 51% APR paid in sUSD and OP tokens which should have some upside.
The Market-Maker Vault is hedged and delta neutral, launched 4 weeks ago, it has been pretty much up only with around 80% utilization rate. However, market condition has been better last couple weeks, and with much bigger TVL, I expect the vault doing around 20% APR in a more bearish market condition.
MMV is still a fairly new product, and farming in MMV is not risk free. Please read this and understand the risk before depositing.
With real yield + OP incentives, MMV and Lyra is super attractive right now, I higher recommend you to take advantage of it.
- LYRA token staking is now live plus additional utility
Stakers will earn a share of fortnightly LYRA and OP token rewards. On top of this, stkLYRA holders can boost their share of Market-Maker Vault incentives by up to 2x.
Current LYRA staking APY is ~20%, 16% in LYRA rewards and 4% in OP rewards. The ability of boosting MMV earnings adds additional incentives for staking. However, remember there is a 14-day unstaking cool down period, and LYRA rewards have a 182 days locking period. While farmers might find this not too farmer friendly, it does reduce the token inflation for the short to medium term.
Massive update for LYRA as it continues to buidl the leading DeFi options protocol. I shared a tweet earlier today, with OP entering price discovery mode, it is a good time to start finding good projects on Optimism that profit will potentially flow into, and I believe LYRA is a strong candidate. This updates will bring LYRA massive liquidity, and added strong utility to its token without sacrifice much emission. Make sure you pay attention to LYRA chart for the next couple days!
I will make a twitter thread tomorrow discussing some of the tokenomics of LYRA in details.
Another yield farming opportunity I want to share today is on another L2 network - Metis.
L222 has been a thing for awhile now, and Optimism brought even more attention to this narrative. While Arbitrum still yet to launch their own token, the next L2 chain with the most TVL that also has a token is Metis.
CT took the chance and started the Metis shilling today 👇
Great thread by @SmallCapScience, highly recommend it.
Whether Metis eco will do as well as Optimism I still have doubts, but there are some catalysts:
$100M ecosystem fund
Chainlink integration
AAVE launching soon
The best place to farm on Metis right now is Hermes, another Solidly fork, actually one of the earliest ones(before Velodrome).
The HERMES token is up 78% today, but the marketcap is still $8.6M comparing to VELO’s $34M(however, I don’t expect Hermes hitting $34M any time soon if at all), making it an attractive token to earn.
Some of the stablecoin farms:
m.USDT/m.USDC - 38%
MAI/m.USDC - 37%
m.DAI/m.USDC - 60%
Some other pools worth considering:
METIS/m.USDC - 162%
METIS/WETH - 101%
WETH/m.USDC - 138% 👀
METIS/HERMES - 118%
Worth noting that Hermes protocol is launching V.2 soon, with some really interesting ideas, you can find details here.